exchange help

llywelyn111

Hi

The house I'm selling is exchanging contracts on this Friday, and completing the friday after. What actually happends? Do solicitors ring you once they have exchanged ???

Never sold a house before, and it's a inherited house so no body lives there.

Thanks

G_M

Are you using a solicitor? He should explain this. After all, you're paying him!

I assume you returned to him the signed contract? He hangs on to this till everyone is ready: you, your buyer, their mortgage lender, their buyer etc up the chain.

When everyone is ready the solicitors all phone each other and do a 'telephone Exchange'. This is legally binding. He'll then tell you it's happened. The solicitors then post each other the signed contracts.
if you're not using a solicitor, well, you're in trouble if you're confused by the process!

jomeljare

They will ring you just before they exchange to confirm the date and that you are happy and then they go ahead and exchange (telephone) with the other party. It has to go all the way up the chain and then come back down. ie. the sols at the bottom give a release to the solicitor above until say 4 o clock, the next one then gives a release to the sols above them until say 3 o clock and so on, as each one will need to go back down the chain after.

Your solicitor will then call you when done and your completion date will be set.

llywelyn111

I am using a solicitor yes. He just didn't explain the process very well. They just seem to send me letters never rang me. If they don't ring me by 4.30pm on friday I'll give them a ring. Both of our solicitors needed a kick up them bum to keep things moving. Many thanks for the help

G_M

llywelyn111 wrote: »

I am using a solicitor yes. He just didn't explain the process very well. They just seem to send me letters never rang me. If they don't ring me by 4.30pm on friday I'll give them a ring. Both of our solicitors needed a kick up them bum to keep things moving. Many thanks for the help

Why wait till Friday. Ring now and ask for an update. What's been done, what's outstanding, and when will Exchange take place?

llywelyn111

G_M wrote: »

Why wait till Friday. Ring now and ask for an update. What's been done, what's outstanding, and when will Exchange take place?

the contracts don't exchange till tomorrow. well fingers crossed

llywelyn111

Well todays exchange didn't happen, my buyers solicitor was not in the office to start the exchange at the bottom on the chain. I'm so annoyed, I've been messed about for 4 weeks now!!!!:mad:

llywelyn111

When do solicitors get the deposits from buyers?? on the day of exchange of contracts or before this day???